News

Iran to Open Goods and Product Commodity Trading Center in Iraq

As Iran is approaching towards the second wave of US sanctions on
04 Nov’18, the nation is preparing to counter the sanctions by looking for
possible way out to carry on business with its allies. Recently, Deputy
Governor of Iran's East Azerbaijan province Ali Jahangiri said the Islamic
Republic of Iran will set up a commercial center for domestically-produced
goods in Sulaymaniyah of Iraq.

Mr Jahangiri said, “This Center will be set up in Sulaymaniyah of
Iraq by the private sector for selling Iranian goods and products in this
region.” He revealed the acquisition of licenses required for the activity of
Iranian center for commercial goods.

Mr. Jahangiri placed special emphasis on the necessity of boosting
trade volume exchanges between Iran and Iraq and added, “Increased volume of
trade has provided a suitable ground for the development of trade exchanges
between Iran and Iraq.”

Currently, Bonab Steel Complex is the steel company located in the
north-western province of East Azerbaijan. The first unit is a corrugated steel
bar production line, with a production capacity of 1 MnT per annum and is the
largest of its kind in the Middle East. The second unit is a steel ingot
production plant, with an annual capacity of 500,000 MT.

It is to be noted that Iran is one of the major exporter of steel
to Iraq, including semi-finished and finished flat steel. Iran has reportedly
exported around 0.13 MnT finished flat steel to Iraq during first 6 months of
current Persian year. Starting this Persian year, Iran also exported 0.23 MnT
of semi-finished steel to Iraq.

Iran is also a major exporter of iron ore to Iraq, the nation has
exported 0.50 MnT iron ore during the first 6 months of current Persian year.
Last year, Iran exported 0.30 MnT iron ore to Iraq.